The ASX200 started the week in the red, down 0.6% yesterday, with travel stocks coming under pressure and all four of the big banks closing between 1-2% lower.

Nickel Mines (ASX:NIC) closed about 8% higher after it signed a memorandum of understanding with Shanghai Decent Investment as a framework for future development projects. 

The US market was mixed. The Dow managed to gain 0.05%, however both the S&P500 and Nasdaq came under pressure. Biden announced that he would renominate Jerome Powell to continue to lead the Federal Reserve, which saw bond yields rise and bank stocks gain, while tech stocks lost strength. 

After a mixed session on Wall Street, the futures are suggesting the Aussie share market will open slightly lower this morning, down 0.16%.

What to watch today:

• Building Permits for October will be released today, which essentially shows the monthly change in the number of total dwelling units approved, including building activity carried out on existing buildings.
• Oil prices rose on Monday but continue to remain under pressure given rising COVID-19    cases in Europe. While the gold price fell over 2% as the US dollar firmed and off the back of Powell’s renomination.
• Watch BHP Group (ASX:BHP) and Woodside Petroleum (ASX:WPL) following WPL’s $40 billion deal to absorb BHP’s petroleum assets via an all stock merger was finalised by both companies’ boards yesterday. 
• TechnologyOne (ASX:TNE) is set to release its full year results today. 
• AGMs today include Brickworks (ASX:BKW), Mayne Pharma (ASX:MYX), Monadelphous Group (ASX:MND), Link Administration Holdings (ASX:LNK) and Pro Medicus (ASX:PME).
• Amcor (ASX:AMC) is set to go ex-dividend today.

Trading ideas:

• Bell Potter have maintained their BUY rating on mineral drilling contractor, DDH1 (ASX:DDH) and have increased its price target to $1.52 (previously $1.48). DDH closed 1.3% higher yesterday, which implies 29% share price growth in a year.
• Bullish charting signals have been identified in Silex Systems (ASX:SLX), People Infrastructure (ASX:PPE) and Lake Resources (ASX:LKE) and that’s according to Trading Central.